ECB accounts: Accommodative policy stance remained necessary

The ECB releases the accounts of its September monetary policy meeting

• All members agreed persistently favourable financing conditions along with somewhat improved medium-term outlook allowed to scale back PEPP purchases
• A significant improvement in the assessment for the inflation outlook over the course of the year was acknowledged
• Near-term increase in inflation largely driven by temporary factors that would fade in the medium-term and not call for policy tightening
• Even without PEPP, a point was made that overall monetary policy stance remains highly accommodative
• A concern was expressed that slower pace of PEPP purchases might induce market perceptions of tighter-than-expected policy
• An argument was made that markets already expecting an end to PEPP purchases in March next year

The full accounts can be found here. There isn't anything that we don't already know from the ECB and I'm just highlighting in bold what is most relevant at this point.